[Definitions](index=4&type=section&id=Definitions) This chapter defines common terms used in the report, clarifying abbreviations for the company and its main related parties and business entities to ensure accurate understanding of the report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, clarifying abbreviations for the company and its main related parties and business entities to ensure accurate understanding of the report content - Defines "Shanghai Electric," "the Company," and "Company" as Shanghai Electric Group Co., Ltd[10](index=10&type=chunk) - Clarifies "Electric Holdings" refers to Shanghai Electric Holding Group Co., Ltd[10](index=10&type=chunk) - Lists abbreviations for several joint ventures and business entities, such as "Shanghai Mitsubishi Elevator" and "Mitsubishi Electric Elevator"[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, changes in registration, information disclosure, stock summary, and key financial performance for the reporting period [Company Information](index=5&type=section&id=Company%20Information) Discloses the company's Chinese name, abbreviation, foreign name and abbreviation, and legal representative information - Company's Chinese name: Shanghai Electric Group Co., Ltd[12](index=12&type=chunk) - Company's Chinese abbreviation: Shanghai Electric[12](index=12&type=chunk) - Company's legal representative: Zhuang Hua[12](index=12&type=chunk) [Contact Person and Information](index=5&type=section&id=Contact%20Person%20and%20Information) Provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - Board Secretary: Guo Liping[13](index=13&type=chunk) - Securities Affairs Representative: Xing Huihua[13](index=13&type=chunk) - Contact address: 9th Floor, Huishang Building, 1286 Minsheng Road, Pudong New Area, Shanghai[13](index=13&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) Introduces the historical changes in the company's registered address and provides the current office address, postal code, and company website - Company's registered address: 128 Beizhangjiabang Road, Pudong New Area, Shanghai (changed in August 2007)[14](index=14&type=chunk) - Company's office address: 9th Floor, Huishang Building, 1286 Minsheng Road, Pudong New Area, Shanghai[14](index=14&type=chunk) - Company website: www.chinasec.cn[14](index=14&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) Discloses the name of the newspaper selected for information disclosure, the website address for publishing the semi-annual report, and the location where the report is kept - Information disclosure newspapers: China Securities Journal, Shanghai Securities News, Hong Kong Wen Wei Po[15](index=15&type=chunk) - Report publishing website: www.sse.com.cn[15](index=15&type=chunk) - Report custody location: Company's Securities Affairs Department[15](index=15&type=chunk) [Company Stock Overview](index=5&type=section&id=Company%20Stock%20Overview) Lists the company's A-share and B-share stock types, listing exchanges, stock abbreviations, and stock codes - A-shares: Shanghai Stock Exchange, abbreviation "Shanghai Electric," code 600835[16](index=16&type=chunk) - B-shares: Shanghai Stock Exchange, abbreviation "Electric B-shares," code 900925[16](index=16&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Outlines the company's key accounting data and financial indicators for the first half of 2025, showing year-on-year declines in operating revenue, total profit, net profit attributable to parent, and net cash flow from operating activities, while net assets and total assets saw slight changes 2025 Semi-Annual Key Accounting Data | Indicator | Jan-Jun 2025 (RMB) | Jan-Jun 2024 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,437,763,967.80 | 10,083,863,107.76 | -6.41 | | Total Profit | 694,869,409.22 | 800,795,661.33 | -13.23 | | Net Profit Attributable to Shareholders of Listed Company | 490,678,604.63 | 525,770,820.02 | -6.67 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 457,698,961.44 | 502,566,876.49 | -8.93 | | Net Cash Flow from Operating Activities | 480,454,678.41 | 677,640,443.06 | -29.10 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 13,983,276,938.18 | 13,716,702,178.25 | 1.94 | | Total Assets (Period-end) | 34,671,787,503.29 | 35,165,713,158.84 | -1.40 | 2025 Semi-Annual Key Financial Indicators | Indicator | Jan-Jun 2025 | Jan-Jun 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.48 | 0.51 | -5.88% | | Diluted Earnings Per Share (RMB/share) | 0.48 | 0.51 | -5.88% | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (RMB/share) | 0.45 | 0.49 | -8.16% | | Weighted Average Return on Net Assets (%) | 3.52 | 3.87 | Decreased by 0.35 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 3.29 | 3.70 | Decreased by 0.41 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **RMB 32,979,643.19** 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -7,231,841.83 | | Government grants recognized in current profit or loss (excluding those continuously related to the company's normal business operations) | 24,430,921.18 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 21,492,974.34 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 4,000,000.00 | | Other non-operating income and expenses | 3,719,354.59 | | Less: Income tax impact | 9,473,296.73 | | Impact on minority interests (after tax) | 3,958,468.36 | | **Total** | **32,979,643.19** | [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth discussion and analysis of the company's industry, main business operations, core competencies, and key operating performance during the reporting period, along with potential risks [Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's diverse business, including elevators, faces a declining new elevator market, prompting strategic adjustments towards high-quality development, after-sales services, and innovation to counter market pressures - The company's business is diversified, involving multiple electromechanical integration industrial sectors such as elevators, refrigeration and air conditioning, and printing and packaging machinery[24](index=24&type=chunk) - The elevator industry faces challenges from a downturn in the new elevator market due to real estate market fluctuations and intensified competition[25](index=25&type=chunk) - The company is strategically adjusting, focusing on the elevator after-market services (maintenance, renovation, upgrade), and cultivating "specialized, refined, distinctive, and innovative" enterprises to develop new areas and businesses[26](index=26&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=Discussion%20and%20Analysis%20of%20Operations) Facing declining demand for new elevators and overcapacity in the elevator industry, Shanghai Mitsubishi Elevator is actively transforming, vigorously developing the in-use elevator service industry, identifying old building renovation, old building installation, home elevators, and export elevators as new business growth points, and enhancing overall competitiveness through innovation and overseas expansion - The elevator industry faces challenges of declining new elevator demand and overcapacity[27](index=27&type=chunk) - Shanghai Mitsubishi Elevator is actively developing in-use elevator service industries, including maintenance, renovation, and upgrades[27](index=27&type=chunk) - Old building renovation, old building installation, home elevators, and export elevators are identified as new business growth points, with solutions like "Lingdong Huanxin" being launched[27](index=27&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) Shanghai Mitsubishi Elevator's core competitiveness lies in its technology-led, quality-first policy, a highly skilled management and employee team, lean management model, and strong technological innovation and R&D capabilities; the company has made breakthroughs in high-speed and smart elevators and continues to upgrade its "ten-year warranty" service, driving customer loyalty through a "product + service" dual-wheel strategy - Adheres to a quality policy of "technology leadership, quality first, customer-centric, and product-service dual-driven"[29](index=29&type=chunk) - Possesses a high-caliber management team and employee base, implementing lean management methods such as OKR and digital closed-loop management[29](index=29&type=chunk)[30](index=30&type=chunk) - Has a robust technological innovation system, including a national enterprise technology center, achieving significant progress in high-speed elevators (12.5 m/s ultra-high-speed elevators) and LNK smart elevator digital solutions[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - Deeply cultivates the elevator IoT, establishing the EleCare service system, and continuously upgrading the "ten-year extended warranty for five core components" to 3.0a service to enhance customer stickiness[34](index=34&type=chunk)[35](index=35&type=chunk) [Key Operating Performance During the Reporting Period](index=10&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's main business, non-core business impact on profit, asset and liability status, investment activities, significant asset and equity sales, and performance of major subsidiaries and associates [(一)Analysis of Main Business](index=10&type=section&id=%28%E4%B8%80%29Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue and costs both decreased, management and R&D expenses fell, investment income increased, and net cash flow from operating activities significantly declined, primarily due to reduced sales by subsidiaries, lower external support fees, decreased deposit interest, and improved performance of associates 2025 Semi-Annual Financial Statement Related Item Changes | Item | Current Period (RMB) | Prior Year Same Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,437,763,967.80 | 10,083,863,107.76 | -6.41 | | Operating Cost | 7,984,343,640.82 | 8,427,523,738.67 | -5.26 | | Selling Expenses | 319,442,455.18 | 318,224,298.37 | 0.38 | | Administrative Expenses | 360,519,645.33 | 417,311,940.78 | -13.61 | | Financial Expenses | -124,633,555.94 | -176,559,592.24 | Not applicable | | R&D Expenses | 335,305,536.33 | 368,776,324.93 | -9.08 | | Investment Income | 214,458,666.74 | 186,852,887.44 | 14.77 | | Net Cash Flow from Operating Activities | 480,454,678.41 | 677,640,443.06 | -29.10 | | Net Cash Flow from Investing Activities | -169,418,071.89 | -581,882,636.38 | Not applicable | | Net Cash Flow from Financing Activities | -249,885,060.72 | -541,564,687.55 | Not applicable | - Operating revenue decreased primarily due to reduced sales by subsidiaries in the current period[37](index=37&type=chunk) - Net cash flow from operating activities decreased primarily due to reduced cash received from sales of goods and provision of services in the current period[38](index=38&type=chunk) [(二)Explanation of Significant Profit Changes Caused by Non-Core Business](index=10&type=section&id=%28%E4%BA%8C%29Explanation%20of%20Significant%20Profit%20Changes%20Caused%20by%20Non-Core%20Business) During the reporting period, the company's non-core business did not lead to significant changes in profit - No significant non-core business led to profit changes[39](index=39&type=chunk) [(三)Analysis of Assets and Liabilities](index=10&type=section&id=%28%E4%B8%89%29Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds, accounts receivable, accounts payable, and other payables increased, while notes receivable, inventories, and contract liabilities decreased; these changes were mainly influenced by factors such as cash inflows from subsidiary operations, slower sales collections, reduced inventory, fewer bill settlements, and decreased orders 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Period-end Amount (RMB) | Period-end % of Total Assets | Prior Year-end Amount (RMB) | Prior Year-end % of Total Assets | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 13,633,384,972.87 | 39.32 | 13,290,047,040.01 | 37.79 | 2.58 | | Notes Receivable | 394,837,562.30 | 1.14 | 480,066,940.65 | 1.37 | -17.75 | | Accounts Receivable | 4,815,358,177.58 | 13.89 | 4,260,818,270.49 | 12.12 | 13.01 | | Inventories | 5,147,032,464.50 | 14.85 | 6,072,946,231.99 | 17.27 | -15.25 | | Contract Assets | 1,860,535,179.24 | 5.37 | 2,235,747,545.74 | 6.36 | -16.78 | | Notes Payable | 167,133,793.94 | 0.48 | 498,386,592.44 | 1.42 | -66.47 | | Accounts Payable | 4,977,466,929.72 | 14.36 | 3,978,536,015.42 | 11.31 | 25.11 | | Contract Liabilities | 9,698,922,760.26 | 27.97 | 11,129,472,904.57 | 31.65 | -12.85 | | Other Payables | 1,606,546,411.94 | 4.63 | 1,420,546,315.59 | 4.04 | 13.09 | - Monetary funds increased primarily due to net cash inflow from operating activities of subsidiaries in the current period[40](index=40&type=chunk) - Accounts receivable increased primarily due to slower sales collections by subsidiaries in the current period[40](index=40&type=chunk) - Contract liabilities decreased primarily due to a reduction in subsidiary orders in the current period[40](index=40&type=chunk) [(四)Analysis of Investment Status](index=11&type=section&id=%28%E5%9B%9B%29Analysis%20of%20Investment%20Status) At the end of the reporting period, the company's long-term equity investments amounted to **RMB 3,309.465 million**, an increase of **1.64%** from the beginning of the period; the company holds equity in several important subsidiaries/associates, including Shanghai Mitsubishi Elevator, Mitsubishi Electric Shanghai Electric Elevator, and Shanghai Hailing Smart Elevator Technology, and disclosed information on financial assets measured at fair value, totaling **RMB 404,497,967.41** at period-end - At the end of the reporting period, the company's long-term equity investments amounted to **RMB 3,309.465 million**, an increase of **RMB 53.3446 million**, or **1.64%**, from the beginning of the period[42](index=42&type=chunk) - Major holding and participating companies include Shanghai Mitsubishi Elevator Co., Ltd. (52% stake) and Mitsubishi Electric Shanghai Electric Elevator Co., Ltd. (40% stake)[42](index=42&type=chunk)[43](index=43&type=chunk) - Financial assets measured at fair value totaled **RMB 404,497,967.41** at period-end, with fair value change gains/losses of **RMB 21,492,974.34** for the current period[44](index=44&type=chunk) [(五)Significant Asset and Equity Sales](index=13&type=section&id=%28%E4%BA%94%29Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in significant equity or non-equity investments, but disclosed its securities investments within financial assets measured at fair value, including various stocks and trust products, with a total book value of **RMB 123,325,841.47** at period-end - No significant equity or non-equity investments occurred[44](index=44&type=chunk) - Securities investments had a total book value of **RMB 123,325,841.47** at period-end, with fair value change gains/losses of **RMB 21,277,268.78** for the current period[45](index=45&type=chunk) [(六)Analysis of Major Holding and Participating Companies](index=14&type=section&id=%28%E5%85%AD%29Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Details the financial data of the company's major subsidiaries and associates, including total assets, net assets, operating revenue, operating profit, and net profit; Shanghai Mitsubishi Elevator Co., Ltd. is the largest subsidiary, with operating revenue of **RMB 8,741.9166 million** and net profit of **RMB 405.8008 million** during the reporting period Major Subsidiaries and Associates Financial Data (Unit: RMB 10,000) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Mitsubishi Elevator Co., Ltd. | Subsidiary | USD 15,526.94 | 2,184,227.03 | 514,261.78 | 874,191.66 | 37,798.22 | 40,580.08 | | Mitsubishi Electric Shanghai Electric Elevator Co., Ltd. | Associate | USD 5,300.00 | 166,051.78 | 125,229.87 | 85,145.75 | 2,858.03 | 2,427.54 | | Shanghai Hailing Smart Elevator Technology Co., Ltd. | Subsidiary | RMB 16,500.00 | 33,445.89 | 26,119.45 | 20,510.76 | 215.17 | 180.55 | | Jiangsu Hailing Electromechanical Engineering Co., Ltd. | Subsidiary | RMB 3,000.00 | 104,492.62 | 12,394.38 | 55,741.96 | 1,096.04 | 968.25 | | Shanghai Electric Group Printing and Packaging Machinery Co., Ltd. | Subsidiary | RMB 63,286.27 | 47,606.78 | 38,432.73 | 240.53 | 486.65 | 364.99 | | Goss Graphic Systems (China) Co., Ltd. | Subsidiary | RMB 13,268.01 | 90,051.81 | 30,876.40 | 18,050.01 | 1,127.83 | 1,124.83 | | Shanghai Electric Group General Refrigeration and Air Conditioning Equipment Co., Ltd. | Subsidiary | RMB 35,060.47 | 80,951.25 | 80,154.13 | 0.00 | 11,739.28 | 11,739.28 | | Shanghai Electric Hydraulic & Pneumatic Co., Ltd. | Subsidiary | RMB 25,124.30 | 117,028.48 | 101,592.74 | 15,014.41 | 350.49 | 347.11 | | Shanghai Nabtesco Transmission Equipment Co., Ltd. | Subsidiary | JPY 10,204.08 | 16,529.32 | 10,560.55 | 8,418.00 | 1,479.88 | 1,109.88 | | Nabtesco (China) Precision Machinery Co., Ltd. | Associate | USD 5,000.00 | 65,497.76 | 47,808.90 | 34,047.83 | 2,951.93 | 2,220.91 | | Shanghai Electric Carrier Energy Engineering Co., Ltd. | Subsidiary | RMB 2,500.00 | 19,667.28 | 2,934.00 | 11,002.31 | 83.43 | 56.43 | | Shanghai Jintai Engineering Machinery Co., Ltd. | Associate | RMB 53,223.92 | 141,656.13 | 114,366.08 | 11,084.14 | -1,841.58 | -1,981.07 | | Shanghai Artificial Board Machinery Factory Co., Ltd. | Associate | USD 1,200.00 | 53,345.60 | 13,218.35 | 11,652.18 | 67.97 | 81.12 | | Shanghai ABB Motor Co., Ltd. | Associate | USD 1,121.65 | 123,914.93 | 25,961.82 | 100,374.94 | 15,830.85 | 11,847.05 | | Shanghai Marathon Innovation Electric Co., Ltd. | Associate | USD 800.00 | 34,489.18 | 17,549.55 | 29,588.40 | 3,873.96 | 3,564.71 | | Shanghai Riyong-Youjie Automotive Electrical Co., Ltd. | Associate | USD 1,700.00 | 152,292.08 | 94,127.90 | 102,354.92 | 4,525.45 | 4,526.15 | | Shanghai Mitsubishi Electric & Shangling Air Conditioner and Electrical Appliances Co., Ltd. | Associate | USD 5,800.00 | 200,213.34 | 143,834.00 | 101,481.52 | 628.75 | 687.46 | [Other Disclosure Matters](index=15&type=section&id=Other%20Disclosure%20Matters) This section addresses potential risks the company may face [(一)Potential Risks](index=15&type=section&id=%28%E4%B8%80%29Potential%20Risks) The company's primary risk is market risk, particularly the intensified competition and compressed profit margins in the elevator market due to real estate industry fluctuations; the company actively responds through technological innovation, cost control, strict management of accounts receivable, and increasing the proportion of after-sales elevator services to achieve sustainable development - The primary risk is market risk, with intensified competition and compressed profit margins in the elevator market due to real estate industry fluctuations[47](index=47&type=chunk) - The company's proactive measures include technological innovation, cost control, and strict management of accounts receivable[47](index=47&type=chunk) - The long-term strategy is to accelerate the adjustment of the elevator business structure, increasing the proportion of after-sales services such as elevator maintenance and old elevator renovation[47](index=47&type=chunk) [Corporate Governance, Environment, and Society](index=16&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, environmental information disclosure, and rural revitalization efforts [Changes in Directors, Supervisors, and Senior Management](index=16&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were changes in the company's board members and senior management, with Ding Yuqing elected as a director and Xu Junbin appointed as a deputy general manager - Ding Yuqing was elected as a director[50](index=50&type=chunk) - Xu Junbin was appointed as a deputy general manager[50](index=50&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=16&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) During the reporting period, the Board of Directors approved the semi-annual profit distribution plan, proposing to distribute a cash dividend of **RMB 2.00** (tax inclusive) per 10 shares to all shareholders - The Board of Directors approved the semi-annual profit distribution plan[3](index=3&type=chunk) - A cash dividend of **RMB 2.00** (tax inclusive) per 10 shares is proposed[3](index=3&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=16&type=section&id=Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures - No equity incentive, employee stock ownership plans, or other employee incentive measures were implemented[51](index=51&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=16&type=section&id=Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) One of the company's subsidiaries, Shanghai Mitsubishi Elevator Co., Ltd., is included in the list of enterprises required to disclose environmental information by law, and its environmental information disclosure report can be found on the website of the Shanghai Municipal Bureau of Ecology and Environment - Shanghai Mitsubishi Elevator Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[51](index=51&type=chunk) - The environmental information disclosure report can be found on the website of the Shanghai Municipal Bureau of Ecology and Environment[51](index=51&type=chunk) [Specifics of Work on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=16&type=section&id=Specifics%20of%20Work%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20etc.) During the reporting period, the company did not disclose specific information regarding its work on consolidating and expanding poverty alleviation achievements or rural revitalization - No disclosure of poverty alleviation and rural revitalization related work[51](index=51&type=chunk) [Significant Matters](index=17&type=section&id=Significant%20Matters) This section addresses the fulfillment of commitments, non-operating fund occupation, illegal guarantees, audit status, changes in non-standard audit opinions, bankruptcy reorganization, significant litigation, violations, integrity status, and significant related party transactions [Fulfillment of Commitments](index=17&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, there were no commitment matters requiring disclosure from the company's actual controller, shareholders, related parties, or the company itself - No commitment matters requiring disclosure[53](index=53&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=17&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the company - No non-operating fund occupation by controlling shareholders or other related parties[53](index=53&type=chunk) [Illegal Guarantees](index=17&type=section&id=Illegal%20Guarantees) During the reporting period, the company had no illegal guarantees - No illegal guarantees[53](index=53&type=chunk) [Half-Year Report Audit Status](index=17&type=section&id=Half-Year%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report](index=17&type=section&id=Changes%20and%20Handling%20of%20Matters%20Related%20to%20Non-Standard%20Audit%20Opinions%20in%20the%20Previous%20Year%27s%20Annual%20Report) During the reporting period, there were no changes or handling situations regarding matters related to non-standard audit opinions in the company's previous year's annual report - No changes or handling situations regarding non-standard audit opinions from the previous year's annual report[53](index=53&type=chunk) [Bankruptcy Reorganization Matters](index=17&type=section&id=Bankruptcy%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy reorganization matters - No bankruptcy reorganization matters[53](index=53&type=chunk) [Significant Litigation and Arbitration Matters](index=17&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no significant litigation or arbitration matters - No significant litigation or arbitration matters[53](index=53&type=chunk) [Situations of Suspected Violations, Penalties, and Rectifications Involving the Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=17&type=section&id=Situations%20of%20Suspected%20Violations%2C%20Penalties%2C%20and%20Rectifications%20Involving%20the%20Listed%20Company%2C%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) During the reporting period, there were no situations of suspected violations, penalties, or rectifications involving the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers - No situations of suspected violations, penalties, or rectifications[53](index=53&type=chunk) [Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=17&type=section&id=Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, there were no matters requiring explanation regarding the integrity status of the company, its controlling shareholders, or actual controllers - No integrity status matters requiring explanation[53](index=53&type=chunk) [Significant Related Party Transactions](index=17&type=section&id=Significant%20Related%20Party%20Transactions) This section details related party transactions, including those related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party debts and credits, and financial business with related financial companies [(一)Related Party Transactions Related to Daily Operations](index=17&type=section&id=%28%E4%B8%80%29Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) During the reporting period, the company disclosed related party transactions related to daily operations not previously disclosed in temporary announcements, primarily including deposit business with Shanghai Electric Group Finance Co., Ltd., and purchases of goods from Mitsubishi Electric Shanghai Electric Elevator Co., Ltd., Carrier Air Conditioning Sales and Service (Shanghai) Co., Ltd., and other related parties - Engaged in deposit related party transactions with Shanghai Electric Group Finance Co., Ltd., totaling **RMB 7,685.7101 million**[55](index=55&type=chunk) - Purchased elevator products from Mitsubishi Electric Shanghai Electric Elevator Co., Ltd. for **RMB 572.286 million**[55](index=55&type=chunk) - Purchased air conditioning products from Carrier Air Conditioning Sales and Service (Shanghai) Co., Ltd. for **RMB 40.2154 million**[55](index=55&type=chunk) [(二)Related Party Transactions Involving Asset or Equity Acquisitions and Disposals](index=18&type=section&id=%28%E4%BA%8C%29Related%20Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisitions%20and%20Disposals) During the reporting period, the company did not engage in related party transactions involving asset or equity acquisitions and disposals - No related party transactions involving asset or equity acquisitions or disposals[55](index=55&type=chunk) [(三)Significant Related Party Transactions Involving Joint External Investments](index=18&type=section&id=%28%E4%B8%89%29Significant%20Related%20Party%20Transactions%20Involving%20Joint%20External%20Investments) During the reporting period, the company did not engage in significant related party transactions involving joint external investments - No significant related party transactions involving joint external investments[56](index=56&type=chunk) [(四)Related Party Debts and Credits](index=18&type=section&id=%28%E5%9B%9B%29Related%20Party%20Debts%20and%20Credits) During the reporting period, the company had no related party debts and credits - No related party debts and credits[56](index=56&type=chunk) [(五)Financial Business Between the Company and Related Financial Companies, and Between the Company's Controlled Financial Companies and Related Parties](index=19&type=section&id=%28%E4%BA%94%29Financial%20Business%20Between%20the%20Company%20and%20Related%20Financial%20Companies%2C%20and%20Between%20the%20Company%27s%20Controlled%20Financial%20Companies%20and%20Related%20Parties) The company has deposit and credit business with Shanghai Electric Group Finance Co., Ltd., with a period-end deposit balance of **RMB 7,685.7101 million**; during the current period, **RMB 1,710.3174 million** was deposited and **RMB 2,150.3638 million** was withdrawn; credit business includes bill acceptance and bank bill discounting, totaling **RMB 135 million** and **RMB 80 million**, respectively - Has deposit business with Shanghai Electric Group Finance Co., Ltd., with a period-end balance of **RMB 7,685.7101 million**[58](index=58&type=chunk) - A total of **RMB 1,710.3174 million** was deposited and **RMB 2,150.3638 million** was withdrawn in the current period[58](index=58&type=chunk) - Credit business includes bill acceptance (total amount **RMB 135 million**, actual amount **RMB 39.2317 million**) and bank bill discounting (total amount **RMB 80 million**, actual amount **RMB 3.9043 million**)[60](index=60&type=chunk) [Significant Contracts and Their Performance](index=19&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, no significant guarantees, and no other significant contracts - No entrustment, contracting, or leasing matters[61](index=61&type=chunk) - No significant guarantees[61](index=61&type=chunk) - No other significant contracts[61](index=61&type=chunk) [Explanation of Progress in Use of Raised Funds](index=19&type=section&id=Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) During the reporting period, the company had no progress in the use of raised funds to explain - No explanation of progress in the use of raised funds[61](index=61&type=chunk) [Explanation of Other Significant Matters](index=19&type=section&id=Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters to explain - No other significant matters[61](index=61&type=chunk) [Share Changes and Shareholder Information](index=20&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital changes, shareholder structure, information on directors, supervisors, and senior management, and any changes in controlling shareholders or actual controllers [Share Capital Changes](index=20&type=section&id=Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share capital structure - No changes in the company's total share capital or share capital structure during the reporting period[63](index=63&type=chunk) [Shareholder Information](index=20&type=section&id=Shareholder%20Information) Discloses the shareholding status of the top ten shareholders and top ten unrestricted circulating share shareholders as of the end of the reporting period; Shanghai Electric Group Co., Ltd. is the largest shareholder, holding **48.02%** of the shares Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Electric Group Co., Ltd. | 491,073,586 | 48.02 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 20,642,081 | 2.02 | Other | | GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED | 9,490,636 | 0.93 | Other | | China Construction Bank Corporation - Yongying Advanced Manufacturing Smart Selection Mixed Initiated Securities Investment Fund | 7,502,200 | 0.73 | Other | | CITIC Securities Co., Ltd. | 6,550,876 | 0.64 | Other | | TWEEDY,BROWNE INTERNATIONAL VALUE FUND | 6,463,000 | 0.63 | Other | | Miao Qionghui | 4,927,137 | 0.48 | Domestic Natural Person | | Zhonghui Life Insurance Co., Ltd. - Traditional Products | 4,000,000 | 0.39 | Other | | VANGUARD EMERGING MARKETS STOCK INDEX FUND | 3,636,957 | 0.36 | Other | | VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 3,360,439 | 0.33 | Other | - Shanghai Electric Group Co., Ltd. has no associated relationship or acting-in-concert relationship with other top ten circulating share shareholders[67](index=67&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=21&type=section&id=Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, nor were they granted any equity incentives - No changes in shareholdings of directors, supervisors, and senior management[68](index=68&type=chunk) - No equity incentives granted[68](index=68&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=21&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - No changes in controlling shareholder or actual controller[68](index=68&type=chunk) [Preferred Share Related Information](index=21&type=section&id=Preferred%20Share%20Related%20Information) During the reporting period, the company had no preferred share related information - No preferred share related information[68](index=68&type=chunk) [Bond Related Information](index=22&type=section&id=Bond%20Related%20Information) This section provides information on the company's corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments, as well as convertible corporate bonds [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=22&type=section&id=Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - No corporate bonds or non-financial enterprise debt financing instruments[70](index=70&type=chunk) [Convertible Corporate Bonds](index=22&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - No convertible corporate bonds[70](index=70&type=chunk) [Financial Report](index=23&type=section&id=Financial%20Report) This section presents the company's unaudited financial statements for the first half of 2025, covering financial position, operating results, cash flows, accounting policies, taxation, and detailed notes on various items, related parties, risks, and commitments [Audit Report](index=23&type=section&id=Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[72](index=72&type=chunk) [Financial Statements](index=23&type=section&id=Financial%20Statements) This chapter presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively showing the financial position at the end of the reporting period and operating results and cash flow during the reporting period - The consolidated balance sheet shows total assets of **RMB 34,671,787,503.29** and net assets attributable to shareholders of the listed company of **RMB 13,983,276,938.18** at period-end[74](index=74&type=chunk) - The consolidated income statement shows semi-annual operating revenue of **RMB 9,437,763,967.80** and net profit attributable to parent company shareholders of **RMB 490,678,604.63**[81](index=81&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **RMB 480,454,678.41**[85](index=85&type=chunk) [Company Overview](index=37&type=section&id=Company%20Overview) Introduces the company's history, registered capital, registered address, office location, economic nature, industry, and main business operations, and identifies the parent company and ultimate parent company - The company was established on July 29, 1993, and after multiple capital increases, its registered capital was **RMB 1,022,739,308** as of June 30, 2025[94](index=94&type=chunk)[95](index=95&type=chunk) - Its main business operations include the design, production, sales, and after-sales service of electromechanical integrated products and equipment, covering elevators, printing and packaging machinery, hydraulic machinery, and energy engineering[97](index=97&type=chunk) - The parent company is Shanghai Electric Group Co., Ltd., and the ultimate parent company is Shanghai Electric Holding Group Co., Ltd[97](index=97&type=chunk) [Significant Accounting Policies and Estimates](index=37&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including financial instrument classification, impairment, revenue recognition, and deferred income tax, highlighting key judgments and assumptions in expected credit loss measurement and income tax recognition - Adheres to enterprise accounting standards and prepares financial statements on a going concern basis[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - Financial asset classification and impairment: Classified based on business model and contractual cash flow characteristics into those measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, with impairment provisions recognized based on expected credit losses[115](index=115&type=chunk)[119](index=119&type=chunk) - Revenue recognition: Revenue is recognized when the customer obtains control of the related products or services, distinguishing recognition timing and methods for product sales and service provision[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) - Key accounting estimates and assumptions include consolidation scope, financial asset classification, identification of distinct performance obligations, judgment of significant increase in credit risk, expected credit loss measurement (considering macroeconomic scenarios), inventory impairment provisions, non-current asset impairment, income tax and deferred income tax assets, and product quality assurance costs[206](index=206&type=chunk)[207](index=207&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[218](index=218&type=chunk) [Taxation](index=57&type=section&id=Taxation) Discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, enterprise income tax, and education surcharge; some subsidiaries, as high-tech enterprises, enjoy a **15%** enterprise income tax preferential rate and a **5%** VAT input tax deduction policy for advanced manufacturing enterprises - Main tax categories include value-added tax (**13%**, **9%**, **6%**, or **3%**), urban maintenance and construction tax (**1%**, **5%**, or **7%**), enterprise income tax (**15%** or **25%**), and education surcharge (**3%** or **5%**)[220](index=220&type=chunk) - Subsidiaries such as Shanghai Mitsubishi Elevator Co., Ltd. and Goss Graphic Systems (China) Co., Ltd. enjoy a **15%** preferential enterprise income tax rate[221](index=221&type=chunk)[222](index=222&type=chunk) - Some subsidiaries, as advanced manufacturing enterprises, are eligible for an additional **5%** deduction of input VAT from January 1, 2023, to December 31, 2027[222](index=222&type=chunk) [Notes to Consolidated Financial Statement Items](index=58&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on various asset, liability, owners' equity, income, and expense items in the consolidated financial statements, explaining their balances and changes, including monetary funds, receivables, inventories, investments, fixed assets, payables, contract liabilities, and impairment losses - Monetary funds at period-end totaled **RMB 13,633,384,972.87**, including restricted monetary funds of **RMB 147,615,945.38**[223](index=223&type=chunk)[224](index=224&type=chunk) - Accounts receivable at period-end totaled **RMB 4,815,358,177.58**, with bad debt provisions of **RMB 2,842,279,130.84**, including **RMB 1,357,281,967.32** for individually assessed bad debt provisions[242](index=242&type=chunk)[249](index=249&type=chunk) - Contract liabilities at period-end totaled **RMB 9,698,922,760.26**, a **12.85%** decrease from the beginning of the period, of which **RMB 5,551,035,419.33** was recognized as operating revenue in the current period[297](index=297&type=chunk)[367](index=367&type=chunk)[369](index=369&type=chunk) - Operating revenue was **RMB 9,437,763,967.80**, and operating cost was **RMB 7,984,343,640.82**, with both main business revenue and cost decreasing[399](index=399&type=chunk) - Credit impairment losses amounted to **RMB 97,611,917.66**, and asset impairment losses amounted to **RMB 21,499,059.98**[417](index=417&type=chunk)[419](index=419&type=chunk) [Changes in Consolidation Scope](index=118&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control, nor any other changes in the scope of consolidation - No changes in consolidation scope during the reporting period[451](index=451&type=chunk)[452](index=452&type=chunk) [Interests in Other Entities](index=120&type=section&id=Interests%20in%20Other%20Entities) Discloses the company's interests in subsidiaries, joint ventures, and associates; Shanghai Mitsubishi Elevator Co., Ltd. is a significant non-wholly-owned subsidiary with a **48%** minority interest, and the profit attributable to minority shareholders for the current period was **RMB 194,784,367.13**; the main financial information of important associates is also listed - Shanghai Mitsubishi Elevator Co., Ltd. is a significant non-wholly-owned subsidiary, with minority shareholders holding **48%** and profit attributable to minority shareholders of **RMB 194,784,367.13** for the current period[454](index=454&type=chunk) - Important associates include Mitsubishi Electric, Shanghai Yileng Carrier Air Conditioning Equipment Co., Ltd., Shanghai Mitsubishi Electric & Shangling Air Conditioner and Electrical Appliances Co., Ltd., Shanghai Riyong-Youjie Automotive Electrical Co., Ltd., and Shanghai Jintai Engineering Machinery Co., Ltd[458](index=458&type=chunk) - The total book value of investments in insignificant associates is **RMB 722,139,322.00**, with a total net profit attributable to the company based on its shareholding of **RMB 86,224,274.70** for the current period[464](index=464&type=chunk) [Segment Information](index=125&type=section&id=Segment%20Information) The company is divided into five reporting segments based on products and services: elevators, printing and packaging machinery, hydraulic machinery, energy engineering, and others; segment performance is evaluated based on adjusted total profit; external transaction revenue, operating costs, credit impairment losses, asset impairment losses, depreciation and amortization expenses, total profit, total assets, and total liabilities for each segment are disclosed - The company is divided into five reporting segments: elevators, printing and packaging machinery, hydraulic machinery, energy engineering, and others[466](index=466&type=chunk) - The elevator business segment's external transaction revenue was **RMB 8,895,490,662.49**, and operating cost was **RMB 7,541,080,768.92**[471](index=471&type=chunk) - The company's external transaction revenue primarily comes from mainland China (**RMB 9,236,444,594.32**), with **RMB 201,319,373.48** from other countries or regions[473](index=473&type=chunk) - During the reporting period, no single customer's revenue reached or exceeded **10%** of the group's total revenue[476](index=476&type=chunk) [Government Grants](index=127&type=section&id=Government%20Grants) At the end of the reporting period, the company's government grant-related liability item was deferred income, with a period-end balance of **RMB 161,527,881.13**, of which **RMB 6,678,153.66** was transferred to other income in the current period; total government grants recognized in current profit or loss amounted to **RMB 42,921,418.22** - Deferred income related to government grants had a period-end balance of **RMB 161,527,881.13**[478](index=478&type=chunk) - Total government grants recognized in current profit or loss for the current period amounted to **RMB 42,921,418.22**, of which **RMB 6,678,153.66** was asset-related and **RMB 36,243,264.56** was income-related[479](index=479&type=chunk) [Related Parties and Related Party Transactions](index=128&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) Discloses the company's parent company, subsidiaries, joint ventures, associates, and other related parties; details related party transactions for purchasing and selling goods, providing and receiving services, and financial business dealings with Shanghai Electric Group Finance Co., Ltd - The parent company is Shanghai Electric Group Co., Ltd., and the ultimate controlling party is Electric Holdings[479](index=479&type=chunk) - Total purchases of goods/acceptance of services from related parties exceeded **RMB 700 million** in the current period, and total sales of goods/provision of services to related parties exceeded **RMB 12 million**[483](index=483&type=chunk)[484](index=484&type=chunk) - Has deposit and interest dealings with Shanghai Electric Group Finance Co., Ltd., with a period-end monetary fund balance of **RMB 7,685,710,127.74**[493](index=493&type=chunk) [Contingent Liabilities](index=133&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no significant contingent liabilities - No significant contingent liabilities[492](index=492&type=chunk) [Commitments](index=134&type=section&id=Commitments) As of the balance sheet date, the company had signed capital expenditure commitments totaling **RMB 3,227,478.21** that are not yet required to be recognized on the balance sheet, primarily for construction projects - Signed capital expenditure commitments totaled **RMB 3,227,478.21**, primarily for construction projects[495](index=495&type=chunk) [Events After the Balance Sheet Date](index=134&type=section&id=Events%20After%20the%20Balance%20Sheet%20Date) The Board of Directors approved the profit distribution plan for the six-month period ended June 30, 2025, proposing to distribute a cash dividend of **RMB 2.00** (tax inclusive) per 10 shares to all shareholders, totaling **RMB 204,547,861.60**, which is subject to approval by the general meeting of shareholders - The Board of Directors approved the semi-annual profit distribution plan: a cash dividend of **RMB 2.00** (tax inclusive) per 10 shares, totaling **RMB 204,547,861.60**[497](index=497&type=chunk) [Operating Lease Receivables After the Balance Sheet Date](index=134&type=section&id=Operating%20Lease%20Receivables%20After%20the%20Balance%20Sheet%20Date) As of the balance sheet date, the company, as a lessor, had future undiscounted operating lease receivables totaling **RMB 173,396,158.01** - Future undiscounted operating lease receivables totaled **RMB 173,396,158.01**[498](index=498&type=chunk) [Risks Related to Financial Instruments](index=135&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk, equity instrument investment price risk); these risks are managed through portfolio management, continuous monitoring, and obtaining commitments for backup funds; at the end of the reporting period, the company's gearing ratio was **0.09%** - Faces credit risk, liquidity risk, and market risk (interest rate, exchange rate, equity instrument investment price)[499](index=499&type=chunk) - Credit risk primarily arises from notes receivable, accounts receivable, contract assets, and other receivables, with impairment provisions of **RMB 1,873,885,560.10** recognized[500](index=500&type=chunk) - Liquidity risk is managed by maintaining sufficient cash reserves and monitoring borrowing agreements[503](index=503&type=chunk) - Exchange rate risk: A **10%** appreciation or depreciation of the RMB against the USD would impact net profit by approximately **RMB 34,869,769.76**[509](index=509&type=chunk) - Equity instrument investment price risk: A **10%** increase or decrease in equity instrument investment prices would impact net profit by approximately **RMB 28,664,376.96**[510](index=510&type=chunk) - The company's gearing ratio (interest-bearing debt / total equity and interest-bearing debt) was **0.09%**[513](index=513&type=chunk) [Disclosure of Fair Value](index=137&type=section&id=Disclosure%20of%20Fair%20Value) Discloses the period-end fair values of assets and liabilities measured at fair value, categorized into Level 1, Level 2, and Level 3; total assets continuously measured at fair value amounted to **RMB 404,497,967.41**; unlisted equity investments and accounts receivable financing are classified as Level 3, valued using market multiple and income approaches - Total assets continuously measured at fair value amounted to **RMB 404,497,967.41**[517](index=517&type=chunk) - Trading financial assets (equity instrument investments) of **RMB 6,813,200.04** are classified as Level 1[517](index=517&type=chunk) - Other non-current financial assets (listed circulating shares) of **RMB 116,512,641.43** are classified as Level 1, and unlisted equity investments of **RMB 256,390,765.77** are classified as Level 3[517](index=517&type=chunk) - Accounts receivable financing of **RMB 24,781,360.17** is classified as Level 3[517](index=517&type=chunk) - Level 3 fair value measurement items are valued using the market multiple approach (unlisted equity investments) and income approach (accounts receivable financing)[520](index=520&type=chunk) [Share-Based Payment](index=141&type=section&id=Share-Based%20Payment) During the reporting period, the company had no share-based payment related information - No share-based payment related information[526](index=526&type=chunk) [Other Significant Matters](index=141&type=section&id=Other%20Significant%20Matters) During the reporting period, the company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, or other significant transactions and matters affecting investor decisions - No prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, or other significant matters[527](index=527&type=chunk) [Notes to Key Items in Parent Company Financial Statements](index=142&type=section&id=Notes%20to%20Key%20Items%20in%20Parent%20Company%20Financial%20Statements) Provides detailed notes on key items in the parent company's financial statements, including monetary funds, accounts receivable, other receivables, other current assets, long-term equity investments, operating revenue and costs, and investment income; the parent company's long-term equity investments had a period-end book value of **RMB 5,773,393,752.47**, with investment income of **RMB 316,456,778.27** for the current period - Parent company's monetary funds at period-end totaled **RMB 5,404,228,256.11**, with no restrictions on ownership[76](index=76&type=chunk)[528](index=528&type=chunk) - Parent company's long-term equity investments had a period-end book value of **RMB 5,773,393,752.47**, including investments in subsidiaries of **RMB 3,390,530,892.27** and investments in associates and joint ventures of **RMB 2,382,862,860.20**[537](index=537&type=chunk) - Parent company's investment income for the current period was **RMB 316,456,778.27**, including **RMB 244,218,039.67** from long-term equity investments accounted for using the cost method and **RMB 70,083,488.32** from long-term equity investments accounted for using the equity method[541](index=541&type=chunk) [Supplementary Information](index=150&type=section&id=Supplementary%20Information) Provides supplementary information including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share; for the first half of 2025, total non-recurring gains and losses amounted to **RMB 32,979,643.19**, weighted average return on net assets attributable to ordinary shareholders was **3.52%**, and basic earnings per share was **RMB 0.48/share** 2025 Semi-Annual Total Non-Recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -7,231,841.83 | | Government grants recognized in current profit or loss (excluding those continuously related to the company's normal business operations) | 24,430,921.18 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 21,492,974.34 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 4,000,000.00 | | Other non-operating income and expenses | 3,719,354.59 | | Less: Income tax impact | 9,473,296.73 | | Impact on minority interests (after tax) | 3,958,468.36 | | **Total** | **32,979,643.19** | 2025 Semi-Annual Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 3.52 | 0.48 | 0.48 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 3.29 | 0.45 | 0.45 |

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600835(A) 900925(B) 股票简称：上海机电 机电 B 股 编号：临 2025-023 上海机电股份有限公司 关于 2025 年半年度利润分配预案的公告 本次利润分配预案尚需提交公司 2025 年第二次临时股东大会审议。 二、公司履行的决策程序 每股分配比例 每股派发现金红利 0.20 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，将维持每股 分配比例不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配预案的内容 经董事会决议，公司拟以实施权益分派股权登记日登记的总股本为基数进行 半年度利润分配。本次利润分配预案如下： 本公司拟向全体股东每股派发现金红利 0.20 元（含税）。截至 2025 年 6 月 30 日，公司总股本 1,022,739,308 股，以此计算合计拟派发现金红利 204,547,861.60 元 ...

上海机电公告，2025年上半年营业收入94.38亿元，同比下降6.41%。净利润4.91亿元，同比下降 6.67%。以实施权益分派股权登记日登记的总股本为基数，向全体股东按每10股派发现金红利人民币2 元（含税）。 ...

Core Points - Shanghai Mechanical and Electrical Co., Ltd. reported a stock price of 30.17 yuan as of August 22, 2025, with an increase of 2.41% [1] - The company experienced a total revenue of 4.212 billion yuan in the first quarter of 2025, representing a year-on-year decrease of 2.30% [1] - The net profit attributable to shareholders was 204 million yuan, down 4.13% year-on-year [1] Financial Performance - Total revenue for Q1 2025: 4.212 billion yuan, down 2.30% year-on-year [1] - Net profit: 204 million yuan, down 4.13% year-on-year [1] - Non-recurring net profit: 189 million yuan, down 7.25% year-on-year [1] - Current ratio: 1.577 [1] - Quick ratio: 1.240 [1] - Debt-to-asset ratio: 52.14% [1] Market Activity - The stock had a turnover rate of 4.54% with a trading volume of 366,600 hands and a transaction amount of 1.088 billion yuan [1] - Main capital inflow was 55.3985 million yuan, accounting for 5.09% of the transaction amount [1] - Large orders saw a net inflow of 34.2528 million yuan, while medium and small orders experienced net outflows [1] Company Overview - Shanghai Mechanical and Electrical Co., Ltd. was established in 1994 and is primarily engaged in the manufacturing of instruments and meters [2] - The company has invested in 32 enterprises and participated in 97 bidding projects [2] - It holds 8 patents and has 7 administrative licenses [2]

Market Performance - The specialized equipment sector increased by 0.65% on August 22, with Huicheng Vacuum leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Top Gainers in Specialized Equipment Sector - Huicheng Vacuum (301392) closed at 190.20, up 9.72%, with a trading volume of 51,700 and a transaction value of 956 million [1] - Guangli Technology (300480) closed at 17.98, up 8.25%, with a trading volume of 413,800 and a transaction value of 733 million [1] - Lingyun Light (688400) closed at 36.59, up 7.30%, with a trading volume of 272,700 and a transaction value of 977 million [1] Top Losers in Specialized Equipment Sector - Jinying Co. (600232) closed at 7.33, down 9.62%, with a trading volume of 499,100 and a transaction value of 369 million [2] - Sudar Co. (001277) closed at 44.27, down 5.75%, with a trading volume of 45,100 and a transaction value of 202 million [2] - Zhuozhao Point Glue (873726) closed at 44.10, down 4.71%, with a trading volume of 59,800 and a transaction value of 26.89 million [2] Capital Flow Analysis - The specialized equipment sector experienced a net outflow of 1.172 billion from institutional investors and a net outflow of 184 million from retail investors, while retail investors saw a net inflow of 1.356 billion [2] - The capital flow for specific stocks shows varied trends, with some stocks like Dazhu CNC (301200) seeing a net inflow of 81.04 million from institutional investors [3]

Core Insights - A new company named Dongjie Zhikong (Shenzhen) Technology Co., Ltd. has been established with a registered capital of 75 million RMB [1] - The legal representative of the company is Wang Duo, indicating a leadership structure [1] - The company's business scope includes research and sales of intelligent robots, development of AI application software, sales of AI hardware, and technical consulting services for AI public service platforms [1] - The company is jointly held by Shanghai Mechanical and Electrical Co., Ltd. and other shareholders, suggesting a collaborative investment approach [1]

Group 1 - The core point of the article is the establishment of Dongjie Zhikong (Shenzhen) Technology Co., Ltd. with a registered capital of 75 million yuan, focusing on the development and sales of intelligent robots and artificial intelligence applications [1] - The company's business scope includes research and development of intelligent robots, sales of intelligent robots, development of artificial intelligence application software, sales of artificial intelligence hardware, and technical consulting services for artificial intelligence public service platforms [1] - The company is jointly held by Shanghai Mechanical and Electrical Co., Ltd. (stock code: 600835) among others, indicating potential backing from established entities in the industry [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 873726 | 卓兆点胶 | 46.28 | -10.71% | 7.05万 | 3.35 Z | | 600980 | 北矿科技 | 25.22 | -9.99% | 40.52万 | 10.66亿 | | 688648 | 中郎科技 | 64.00 | -9.49% | 10.27万 | 6.86 Z | | 002611 | 东方精工 | 18.09 | -8.17% | 226.97万 | 42.24亿 | | 600835 | 上海机电 | 29.46 | -6.80% | 48.65万 | 14.60亿 | | 002837 | 英维克 | 64.60 | -6.78% | 112.96万 | 74.31亿 | | 603800 | 洪田股份 | 50.32 | -5.66% | 15.19万 | 7.69亿 | | 002779 | 中坚科技 | 101.71 | -5.43% | 7.31万 | 7.57亿 | | 688328 ...

Core Viewpoint - The A-share market continues to show strong performance in the robotics sector, with several stocks hitting their daily price limits and significant year-to-date gains [1] Stock Performance Summary - Jinbai Ze (金百泽) reached a 20% limit up, with a total market value of 3.63 billion and a year-to-date increase of 42.36% [1] - Kesen Technology (科森科技) saw a 10.03% increase, with a market cap of 6.997 billion and a year-to-date rise of 61.67% [1] - Beikang Technology (北矿科技) increased by 10.01%, with a market value of 5.303 billion and an impressive year-to-date gain of 84.46% [1] - Southern Precision (南方精工) also hit a 10% limit up, with a market cap of 11.5 billion and a year-to-date increase of 157.82% [1] - Tongda Power (通达动力) rose by 9.98%, with a market value of 3.474 billion and a year-to-date increase of 23.35% [1] - Taihao Technology (泰豪科技) increased by 9.98%, with a market cap of 11 billion and a year-to-date rise of 137.82% [1] - Huachangda (华昌达) rose by 8.03%, with a market value of 9.183 billion and a year-to-date increase of 10.43% [1] - Huamin Co. (华民股份) increased by 7.66%, with a market cap of 5.115 billion and a year-to-date rise of 56.91% [1] - Jiemai Technology (洁美科技) rose by 6.77%, with a market value of 12.6 billion and a year-to-date increase of 41.51% [1] - Xinyi Chang (新益昌) increased by 6.68%, with a market cap of 8.232 billion and a year-to-date rise of 80.34% [1] - Shanghai Mechanical and Electrical (上海机电) rose by 6.08%, with a market value of 32.8 billion and a year-to-date increase of 81.19% [1] - Other notable performers include Zhuozhao Point Glue (卓兆点胶) with a 5.61% increase, Wolong Electric Drive (卧龙电驱) with a 5.41% increase, and Lingyi Intelligent Manufacturing (领益智造) with a 5.31% increase [1]

Group 1 - The reducer concept sector rose by 2.62%, ranking first among concept sectors, with 99 stocks increasing in value [1][2] - Notable gainers included Tianrun Industrial, Quan Chai Power, and Southern Precision, which hit the daily limit, with increases of 16.41%, 13.30%, and 13.09% respectively [1][2] - The sector saw a net inflow of 815 million yuan from main funds, with 54 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflow [2][3] Group 2 - Southern Precision led the net inflow with 405 million yuan, followed by Zhejiang Rongtai, Shanghai Mechanical, and Fengli Intelligent, with net inflows of 321 million yuan, 193 million yuan, and 179 million yuan respectively [2][3] - In terms of net inflow ratios, Quan Chai Power, Southern Precision, and Shanghai Mechanical had the highest ratios at 43.04%, 26.14%, and 20.97% respectively [3]